Pressure is building within the equity markets. Another round of better-than-expected data was released on Thursday, reinforcing that 1 or 2 more interest rate hikes are coming this year. The mounting fear has the S&P 500 down another 0.3% for the session and at the lowest levels in over a week. Friday's trading could be critical and determine the next big move, but risk is ahead. The next major catalyst for the market will come out next week, and it could be a big surprise.

The August read of CPI is due midweek and is expected to be hot. The question is how hot it could be, and it could be a more significant number than some wish. The price of oil has risen dramatically over the past 2 months, underpinning an increase in prices for airlines and truckers. That cost increase will be felt by other industries and bleed down to the consumer sooner or later.